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Banking & Finance

Saudi National Bank plans to boost capital by $4.1 billion

Arabiya Capital Staff -
Saudi National Bank (SNB), the Gulf state’s largest lender, said Thursday that it will increase its paid-up capital by $4.1 billion to strengthen the...
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Egyptian pound plunges to record low against the US dollar

Arabiya Capital Staff -
Egypt’s pound plunged further on Wednesday reaching a record low of 31.4 to the dollar as the North African country moved to a more...
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UAE’s First Abu Dhabi Bank explored offer for Standard Chartered

Arabiya Capital Staff -
UAE-based First Abu Dhabi Bank (FAB) said Thursday that it had considered a bid for London-listed Standard Chartered ( StanChart) but was no longer...
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Bank ABC’s Egyptian unit completes merger with BLOM Bank

Arabiya Capital Staff -
Arab Banking Corporation (Bank ABC) on Thursday said that it has completed the merger of its Egyptian business with BLOM Bank Egypt, a deal...
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UAE’s ADIB increases stake in Egyptian unit to nearly 53%

Arabiya Capital Staff -
UAE’s Abu Dhabi Islamic Bank (ADIB) said Monday that it had acquired an additional 2.4% stake in its Egyptian unit, ADIB Egypt, in a...
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Digital bank Wio partners with First Abu Dhabi Bank to facilitate deposits

Arabiya Capital Staff -
State-backed digital bank Wio Bank said Monday that it has joined forces with First Abu Dhabi Bank (FAB) to offer business customers cash and...
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Egyptian authorities cancel letters of credit for importers. Here’s why

Arabiya Capital Staff -
Egypt said Thursday that it had scrapped a requirement for importers to secure letters of credit as part of the government’s broader strategy to...
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Allianz Egypt renews multi-year life insurance deal with Banque Misr

Arabiya Capital Staff -
Allianz Egypt said Wednesday that it has extended its partnership with Banque Misr for five years to integrate the insurance services offered by the...
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Egypt’s President Sisi banks to help clear import backlog within days

Arabiya Capital Staff -
Egypt’s President Abdel-Fattah El-Sisi said Monday that banks will help secure the necessary dollars to clear a backlog of imports, which is estimated to...
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Egypt secures $500 million from the World Bank to expand social security

Arabiya Capital Staff -
The World Bank has approved $500 million in new development financing to expand and strengthen Egypt’s social safety net and protection programme as the...
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